The Securities and Exchange Commission (SEC) has cautioned Nigerians against engaging with GVEST Global and its affiliated entities, describing their activities as unregistered and exhibiting “typical indicators and characteristics commonly associated with Ponzi schemes.”
In an official statement issued by the SEC management, the regulator said, “The attention of the Securities and Exchange Commission (The Commission) has been drawn to the activities of GVEST Global, which holds itself out as an Investment Adviser/Fund Manager promoting unregistered investment schemes.”
The Commission further disclosed that GVEST GLOBAL operates under multiple names listed as GVEST (Alausa) Cooperative Multipurpose Limited, GVEST Investment Limited, and Gtext Holdings.”
In April, the Economic and Financial Crimes Commission (EFCC) announced that it had launched an investigation into an alleged N1.3 trillion fraud linked to the digital investment platform, CryptoBank Exchange (CBEX).
The CBEX scheme had collapsed, leaving thousands of investors stranded and unable to access their funds. The EFCC confirmed that it would work in collaboration with the International Criminal Police Organization (INTERPOL) to investigate the matter.
